Assessee's DCF valuation under Rule 11UA(2)(b) upheld; addition under s.56(2)(viib) deleted, excess premium excluded, appeal allowed

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....The ITAT allowed the appeal of the assessee and deleted the addition under s.56(2)(viib) in respect of alleged excess share premium. The Tribunal held that the assessee validly exercised its statutory option to adopt the DCF method under Rule 11UA(2)(b) for valuation of unquoted shares, and the AO and CIT(A) lacked jurisdiction to substitute a different valuation. The Tribunal found the assessee's valuation justified and in accordance with law, set aside the impugned additions, and directed that the excess share premium be excluded from income. Appeal of the assessee is allowed.....